Group 1 - The A-share market saw a collective rebound on February 12, with the electric grid equipment sector experiencing a strong surge, particularly the electric grid equipment ETF (159326), which rose by 3.81% and achieved a transaction volume of 984 million yuan [1] - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Index, with over 78% of its holdings in electric grid equipment, making it the purest electric grid index in the market. Its scale has rapidly grown to 17.113 billion yuan, the largest among electric grid-related ETFs [1] - High-level meetings emphasized the need for state-owned enterprises to actively expand effective investment in computing power and promote the synergy between "computing power + electricity," which is expected to drive upgrades in electricity infrastructure [1] Group 2 - The global investment in electric grids is expected to continue growing to address the increasing share of wind and solar power, with a significant rise in demand for grid equipment due to the rapid growth of the wind and photovoltaic industries [2] - In developed economies, over 20% of electric grid equipment is over 20 years old, indicating a pressing need for upgrades. Domestic electric grid equipment companies are likely to benefit from the increased investment in electric grids, while overseas export business is expected to remain stable [2] Group 3 - The electric grid equipment ETF (159326) has a high weighting of 90% in smart grid and 67% in ultra-high voltage, both of which are the highest in the market [3] - The green electricity ETF (562550) is the largest in its index, packaging leading companies in the electricity sector, including clean energy firms and traditional energy sources [3] - The public utility ETF (159301) is the largest public utility-themed ETF in the market, with a 90.8% weighting in the electricity sector, characterized by high dividends and stable growth attributes [3]

Market Overview - The Shanghai Composite Index experienced a slight increase of 0.12%, while the Shenzhen Component Index rose by 0.81%, and the ChiNext Index increased by 1.18% at the close of trading [1] - Over 2,700 stocks in the market saw gains, indicating a broad-based rally [1] Sector Performance - The electric grid equipment sector showed strong performance, with companies like Siyi Electric and Sifang Co. reaching new highs, and stocks such as Wangbian Electric and Shun Sodium Co. hitting the daily limit [2] - The non-ferrous metals sector was active, with Xianglu Tungsten Industry achieving three consecutive daily limits in five days, and Zhangyuan Tungsten Industry securing two consecutive daily limits [2] - The CPO concept also gained momentum, with Tianfu Communication rising over 10% to set a new historical high [2] - The gas turbine sector saw a surge, with companies like Yingliu Co. and Changbao Co. hitting the daily limit [3] Declines - The film and cinema sector faced significant declines, with companies such as Huanrui Century, Hengdian Film, and Bona Film all hitting the daily limit down [4] Individual Stock Highlights - Zhongji Xuchuang had a trading volume exceeding 10.8 billion yuan, leading the market, while Tianfu Communication, Xinyi Sheng, and Yingwei Ke also had high trading volumes [5] - Notable stock performances included: - Tianfu Communication: +11.61% to 322.00 yuan [5] - Yingwei Ke: +10.00% to 109.45 yuan [5] - Zhongji Xuchuang: -0.17% to 530.99 yuan [5] - Guangxian Media: -10.80% to 23.96 yuan [5]

Market Overview - The A-share market showed a fluctuating upward trend in early trading, with the Shanghai Composite Index rising by 0.12% to 4137.06 points, the Shenzhen Component Index increasing by 0.81% to 14274.93 points, and the ChiNext Index up by 1.18% to 3323.56 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.33 trillion yuan, with over 2700 stocks rising [1] Sector Performance - The electric power sector surged due to favorable policies, with stocks like Yunnan Power and South Grid Energy seeing significant gains [2] - The AI hardware sector continued its strong performance, with companies like Dazhi Technology achieving a four-day consecutive rise [2] - The CPO (Optical Module) concept saw renewed strength, with Tianfu Communication and other stocks rising over 10% [2] - The small metals sector, particularly nickel and cobalt, experienced a rally, with stocks like Pengxin Resources and Shengtun Mining hitting the daily limit [3] Notable Stocks - Jili Rigging, a key player in the commercial aerospace sector, faced a one-sided drop limit with over 1.2 billion yuan in sell orders, following a clarification announcement regarding its project orders [4] - The AI application sector saw some adjustments, with high-position software stocks under pressure [4] Institutional Insights - Institutions expressed differing views on the market's early trading volume and fluctuations, with some suggesting that structural opportunities still exist despite the market's consolidation phase [5] - Concerns were raised about the potential for short-term adjustments and profit-taking pressures as the Spring Festival approaches [5] - Long-term perspectives indicate that commodities may remain a preferred investment direction, with precious metals and industrial metals expected to benefit from improving fundamentals [5]

Core Viewpoint - Sifang Co., Ltd. (stock code: sh601126) experienced a limit-up on February 12, 2026, reaching a price of 42.78 yuan, with a 10% increase, and a total market capitalization of 35.644 billion yuan, driven by factors such as national grid planning, advancements in solid-state transformer technology, and improvements in corporate governance [1][2]. Group 1 - The National Grid's "14th Five-Year Plan" includes a 40% increase in fixed asset investment, providing stable growth momentum for Sifang Co.'s main business, which offers products and solutions across various segments of the power sector [2]. - Sifang Co. is a leader in solid-state transformer (SST) technology, offering a full range of products successfully applied in several national demonstration projects, indicating a promising market outlook as new power systems develop [2]. - Recent revisions to 21 management systems have enhanced the company's governance, transparency, and investor trust, alongside a planned stock buyback of up to 2.1 billion yuan to improve capital efficiency [2]. Group 2 - Despite net selling by institutions and foreign capital on February 5, 2026, high participation from retail investors resulted in a trading volume of 1.519 billion yuan, reflecting significant market interest in Sifang Co. [2]. - The positive fundamentals and growth prospects of Sifang Co. have attracted investor attention, contributing to the stock's limit-up performance [2].

Group 1 - The electric grid equipment sector is experiencing significant growth, with companies like Suyuan Electric and Sifang Co. reaching new highs, while Shun Sodium, Senyuan Electric, and Wangbian Electric hit the daily limit, and Xinte Electric and Yinen Power rose over 10% [1] - Global investment in electric grids is witnessing a positive trend, driven by China's planned investment of 4 trillion yuan in the State Grid during the 14th Five-Year Plan, representing a 40% increase compared to the previous plan, with a focus on UHV construction and distribution network upgrades [1] - In the U.S., the Department of Energy has launched the "Power Acceleration Plan" to expedite grid infrastructure development, addressing the electricity demand created by AI advancements [1] Group 2 - The surge in AI computing power has intensified the supply-demand tension for electric equipment, leading to significantly extended delivery times for products like transformers, which presents substantial overseas opportunities for Chinese electric grid equipment companies with complete industrial chains and efficient delivery capabilities [1]

Group 1 - The core index of ultra-high voltage stocks strengthened during the trading session on February 12, with most constituent stocks experiencing an increase [1] - Four-way shares led the gains with an increase of over 7%, while other notable stocks such as Jinpan Technology, Windfang Shares, Ankao Zhidian, and Zhiguang Electric also saw significant rises [1]

Core Viewpoint - The core reason for the electricity shortage in the U.S. is the continuous increase in capital expenditure expectations for data centers, leading to a significant upward revision of peak load growth forecasts for summer from 64GW in 2024 to 166GW in 2025 by GridStrategies [2] Group 1: Electricity Shortage Causes - The mismatch between capital expenditure expectations for data centers and actual demand, as well as the mismatch between actual demand and infrastructure capacity, creates uncertainty in the actual deployment pace of data centers [2] - The projected capacity of data center reserve projects in the U.S. has reached 245GW as of mid-October 2025, which will lead to increased peak load as data centers continue to operate [3] Group 2: Future Power Supply and Load Gap - The future new power installations in the U.S. will primarily be gas-fired, with the EIA estimating an addition of 7GW of gas power installations in 2026-2030 under current project plans, while other stable power sources will see no new additions [3] - Different scenarios for the pace of data center construction indicate varying load gaps by 2030, ranging from 2GW to 157GW, depending on whether regulatory power sources are considered [4] Group 3: Regional Load Growth Characteristics - The growth in peak load will be concentrated in areas with dense data center construction, particularly in ERCOT and PJM regions, driven by data center demand [5] - In PJM, the summer peak load is expected to rise from 156GW in 2026 to 222GW in 2036, with a significant drop in power reserve margins leading to a surge in capacity prices [6] - ERCOT's summer peak load is projected to grow from 87GW in 2025 to 138GW in 2030, with a focus on enhancing power system reliability through the construction of storage and gas-fired power sources [7] Group 4: Investment Opportunities - In the context of high market demand for gas turbines, there are bottlenecks in production capacity among leading overseas gas turbine companies, suggesting a favorable outlook for Chinese companies like Dongfang Electric and Shanghai Electric [8] - The increasing demand for U.S. power grid infrastructure presents opportunities in the transformer segment, with companies like Jinpan Technology and Siyi Electric being highlighted [8] - The short-term effectiveness of storage solutions in enhancing power system reliability points to investment potential in companies like Sungrow Power and Canadian Solar [8]

网内外业务齐拓展，持续推进 SST 布局 四方股份(601126) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | 本报告导读： 公司是国内极少数能够提供数据中心交直流配电系统一二次关键设备及全套解决方 案的企业。针对 AIDC 特殊需求，公司加紧与客户建立深度合作关系。 投资要点： [Table_Summary] 盈利预测与投资评级。预计 2025-2027 年，公司归母净利润 8.43 亿 元、9.94 亿元、11.72 亿元，增速为 17.8%、17.9%、17.9%。对应 EPS 1.01 元、1.19 元、1.41 元。结合公司市场地位，以及同业估值，给 予公司 2026 年 40 倍 PE，目标价 47.6 元，维持"增持"评级。 网内、网外业务齐拓展： （1）主网业务：受益于二次设备招标规模的带动，公司中标规模明 显高于预期。 （2）配网业务：公司积极推进一二次融合、综合能源管理等技术和 产 ...

网内外业务齐拓展，持续推进 SST 布局 四方股份(601126) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | 本报告导读： 公司是国内极少数能够提供数据中心交直流配电系统一二次关键设备及全套解决方 案的企业。针对 AIDC 特殊需求，公司加紧与客户建立深度合作关系。 投资要点： [Table_Summary] 盈利预测与投资评级。预计 2025-2027 年，公司归母净利润 8.43 亿 元、9.94 亿元、11.72 亿元，增速为 17.8%、17.9%、17.9%。对应 EPS 1.01 元、1.19 元、1.41 元。结合公司市场地位，以及同业估值，给 予公司 2026 年 40 倍 PE，目标价 47.6 元，维持"增持"评级。 网内、网外业务齐拓展： （1）主网业务：受益于二次设备招标规模的带动，公司中标规模明 显高于预期。 （2）配网业务：公司积极推进一二次融合、综合能源管理等技术和 产 ...

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].